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Submitted URL: https://www.theasianbanker.com/updates-and-articles/modernising-payment-infrastructure-as-digital-volumes-surge?sc_cid=701f2000...
Effective URL: https://www.theasianbanker.com/updates-and-articles/modernising-payment-infrastructure-as-digital-volumes-surge?sc_cid=701f2000...
Submission: On December 26 via manual from GB — Scanned from GB
Effective URL: https://www.theasianbanker.com/updates-and-articles/modernising-payment-infrastructure-as-digital-volumes-surge?sc_cid=701f2000...
Submission: On December 26 via manual from GB — Scanned from GB
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MODERNISING PAYMENT INFRASTRUCTURE AS DIGITAL VOLUMES SURGE
7 min read
By Siddharth Chandani
Against a backdrop of legacy technology challenges and surging real-time payment
volumes, the pressure for the industry to collectively upgrade the existing
payment market infrastructures (PMs) is high. The upcoming implementation of ISO
20022 in the high value payments area and roll out of digital currencies mean
that PMI modernisation will remain a crucial objective to ensure
cost-effectiveness, finality, safety and transparency of payments.
As the financial services community gathered for the annual Sibos event, the
primary focus of discussions this year centred on payments. Thirty-one percent
of the 22,000 delegates who attended virtually in 2021 stated their primary
focus was payments. It has continued to remain the most dominant theme.
From real-time payments and innovation taking the centre stage in 2018 to
payments as a catalyst of change in 2020 during the pandemic, discussions in
2022 focused the industry’s attention on how to collectively maintain and
upgrade financial market infrastructures (FMIs) to ensure cost-effectiveness,
finality, safety and transparency of payments.
Data from World Bank shows that around two-thirds of adults worldwide now make
or receive a digital payment, with the share in developing countries growing
from 35% in 2014 to 57% in 2021. In low and middle-income countries (excluding
China), over 40% of adults made merchant in-store or online payments using card,
mobile or the internet for the first time since the pandemic. The shift towards
account based instant payments aside to card-based payments and demand for
straight-through processing is driving change within infrastructures on how it
may orchestrate and manage the payment.
As interlinking of faster payment systems, emerging technologies such as APIs,
cloud and payment standardisation with ISO 20022 is underway, the future impact
of digital currencies, especially central bank digital currencies (CBDCs) on FMI
continues to pique the interest of the industry significantly.
Scaling efficiently through the adoption of cloud technology
There is an urgent need for more scalable, operationally efficient technology
that can truly drive future business value. Legacy infrastructure and monolithic
legacy architecture in banks struggle to meet the exponential rise in volumes of
digital and real-time transactions and innovate with speed. For example, the
volume and value of monthly unified payment interface (UPI) transactions in
India surpassed the $100 billion value in December 2021 and reached a record
$147.4 billion in October 2022. The volume of transactions on the platform
outpaces card payments in the country by nearly eight times. The implication of
such significant surges continues to cause system outages across banks.
While such an exponential increase in volumes of digital commerce, payments and
customers along with rapidly evolving tech may have created opportunities, these
have also created infrastructure and scalability related challenges even for the
most capable of payment service providers. “We saw during the pandemic, a really
rapid acceleration in the movement towards contactless processing and the
payment process. That increased volumes which led to scalability issues”,
emphasised Mick Fennel, Head of Payments at Temenos.
“As transaction volumes have gone up significantly, what it means for financial
institutions (FIs) is that the existing infrastructure which was there, both in
terms of application and technology has become slightly older, or I would say,
legacy” explained Arvind Swami, Director for Financial Services, APAC at Red
Hat.
As core banking needs to run on agile technology, transition to cloud can enable
higher flexibility in processing power, greater efficiencies, faster innovation
and the ability to scale technologies such as artificial intelligence. Both
Fennel and Swami enthused on how the adoption and trust in cloud technology
continues to gain traction among the industry. “The ability to achieve
scalability and resilience within payment infrastructure has accelerated by
migrating legacy systems to cloud”, mentioned Fennel. However, Swami also took
the opportunity to caution FIs that instead of “jumping” on to the cloud, they
need to have a very clear and a proper strategy for the sake of regulatory
compliance. “We observed in the last two-four years that FIs started jumping on
the cloud without having a proper strategy, only to realise that it didn’t
result in expected growth”, said Swami.
Conversations around too much dependence on one solution provider was also
widely discussed in the cloud migration debate. The industry is looking at ways
to ‘not put all eggs in one basket’ where multi-cloud deployment may become the
norm going forward. “Financial services industry is now looking at how it can
deploy a multi cloud strategy. This is to avoid dependency of a single point of
failure where you can go from one provider to another”, added Radha Pillay,
Regional Sales Director at SmartStream.
All practitioners affirmatively agreed that looking at multi-cloud warrants
consideration of interoperability between multiple cloud providers and
portability as far as security and sovereignty of data is concerned.
ISO 20022 as a catalyst for payment infrastructure modernisation
The upcoming implementation of ISO 20022 standards in the high value payments
(HVP) space is set to unlock a host of benefits for the cross-border payments –
from improved compliance processes to creation of innovative products and
services. ISO 20022 strives to create an open, inclusive and innovative payment
ecosystem- the premise behind payment modernisation in addition to payment
digitalisation. For banks, new standards will usher in streamlined compliance
procedures, efficiency and ways to increase margins on payments while for
businesses, it promises a host of new innovative services and uplifted customer
experience
Fennel views “ISO migration as huge catalyst for not just digitisation but
process modernisation as more can be done on sanctions screening using data
analytics for instance”. The migration of many payment systems to the ISO 20022
messaging standards will generate further momentum towards API and data
adoption, given the potential use of a common ISO 20022 data dictionary for
APIs. “Ultimately, the industry is trying to harmonise HVP underpinned by a move
towards a common data dictionary and a common language”, he added.
ISO 20022 is also significant from a future-ready point of view where bringing
ISO into the core of payment systems will generate most value from the existing
data, added Silvia Mensdorff-Pouilly,SVP for Banking & Payments in Europe for
FIS. While being upbeat on benefits of the shift to new standards, she also
foresees challenges that the industry will collectively face during the
co-existing period as FMIs and participants migrate from legacy MT to data-rich
MX format. “It is a challenging project, because like any payment project, it's
kind of equated to heart surgery right, or to kind of rebuilding a train station
while the trains keep running constantly”, she commented.
Zooming into the cross-over phase from MT to MX, practitioners also discussed
the potential issues around data truncation or loss of data in the payment value
chain as one party may fail to run new format in order to pass it to next
member. To address these issues, need for bringing in structure and
standardisation for effective data sharing is required. Here broader data
architectures have a central role to play.
Swami emphasised that moving forward, “As banks and companies continue collect
and process huge amount of data, the architecture is going to shift to more data
centric form rather than remain application centric”. He exemplified that as
regulators continue to demand transparency, this will find a compelling use case
in compliance and sanctions screening. “Whatever is happening on the financial
side, regulators are going to ask for a lot more information and transparency.
The only way you can have transparency is through new data”.
By taking advantage of cloud-native rules coupled with the data available in ISO
20022, the industry is able to better identify potentially
problematic/fraudulent payment transactions.
Interest in digital currencies at a new high
Interest continues to significantly mount in CBDC initiatives such as the
European Central Bank’s exploration into a Digital Euro. Meanwhile several
countries such as China, Russia, South Korea and Thailand are conducting pilots
for their respective digital currencies. The US released its executive order on
digital assets laying the ground rules for building a digital dollar in
September. As per data from Atlantic Council’s CBDC tracker, 98 countries are in
process of exploring CBDCs of which 11 countries have officially launched CBDCs.
“CBDCs right now are at the point where it's beyond pilot status, whether you
have the digital Yuan or whether now every version of respective digital
currency form a host of countries is upcoming”, noted ParvAggarwal, Head of
Partnerships for WadzPay. “Governments around the world are on a mission to
actually drive CBDCs and to make payment systems more efficient”, added Barry
Rodrigues, EVP for Payments Business Unit at Finastra.
Collaborative initiative between Bank for International Settlements (BIS) and
central banks of Australia, Malaysia, Singapore and South Africa on Project
Dunbar are underway to expedite international settlements using a multi-CBDC
platform. Recently, the BIS along with Hong Kong Monetary Authority, the Bank of
Thailand, the Digital Currency Institute of the People's Bank of China and the
Central Bank of the United Arab Emirates successfully completed a pilot where 20
banks in four jurisdictions used the mBridge platform to conduct 164 payment and
foreign exchange transactions cumulative to $22 million over six weeks. The
transactions were settled directly on the platform. During the fintech festival
in Singapore, MAS launched Ubin+, an expanded initiative to advance cross-border
connectivity in wholesale CBDCs.
Take for instance the wholesale case; it would provide commercial banks with a
digital representation of existing reserves at the central bank. These find
application in real-time gross settlement (RTGS) payments system and thus by
core banking systems to perform bank settlement and clearing. “Some markets are
at limited sandbox trial where the focus specifically is on wholesale case to
CBDC for RTGS. That's actually proven to be very efficient”, highlighted
Aggarwal.
As digital currencies become reality, development of technical standards to
support cross-border connectivity and their interoperability across platforms
using DLT and non-DLT based FMIs will drive transformation in infrastructure for
payment systems. “It’s no surprise when we talk to banks as our customers, they
are looking at ways to participate in digital FMIs while looking at use cases of
CBDCs”, said Rodrigues.
Whatever the case or driver of adoption for CBDC may be, central bank’s design
choices driven by their policy objectives will determine the scale of payment
infrastructure modernisation going forward. “It depends if central bank wants
their users to be able to have a more seamless payment experience, or central
banks want to have transparency and control or want more programmability”,
explained Aggarwal.
Looking ahead
With payments being the massive growth engine for business transformation,
infrastructure modernisation will remain a crucial objective for most payment
providers. “Most payment providers are on the journey right now to move the tech
stack to be more modernised, to be more modular and to componentise as ways for
legacy businesses to transform”, concluded Rodrigues as he spoke about the
increased consumption of Software-as-a-Service.
“I see banks now looking to heavily focus on modernisation with the end goal for
legacy platforms to rapidly bring new services, new capabilities and partner
ecosystem support”, said Richard Harmon, VP, Global Financial Services Industry,
Red Hat.
It has become increasingly critical for the financial services industry to keep
pace with the customer demand and engage them by building data, infrastructure,
and technology that are rapidly scalable and secure. Modern payment
infrastructure powered by harmonised APIs, cloud-based technologies and enriched
data will enable organisations to not only scale, but also thrive as business
volumes spike.
Institution: Temenos, Red Hat, SmartStream, FIS, WadzPay, Finastra
Guest: Mick Fennel, Arvind Swami, Radha Pillay, Silvia Mensdorff-Pouilly, Parv
Aggarwal, Barry Rodrigues, Richard Harmon
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